By 1998, the external debt equivalent was running at more than 400% of annual exports and the government tried many tactics to raise confidence. In 2001, the government placed a strict limit on bank withdrawals to try and curb depositors emptying their accounts and this led to street protests.

The following year saw a new government take action to bring about change and the economy began to recover. By 2005, the government restructured its debt and even began to push the budget into surplus in 2006. At the start of the decade, GDP per capita was dropping by nearly 12% but currently it is growing by 4.8% with unemployment at 8.7%.

Someplace Else Ireland has launched a 5,500-acre development near the Estancia Catalina Resort, one of Argentina's most luxurious developments. Colin Murphy, Someplace Else Ireland says:

"This area is incredibly popular with wealthy Argentineans and the first 40 plots have just been released with a mere 37,250 needed to secure each one."

The development will be very low-density as only a small percentage of the land, 120 plots of 2.5 acres each, will be developed.

A boutique hotel also forms part of the estate, which is 40km from Argentina's provincial capital city of Cordoba, which is serviced by a number of daily flights from Buenos Aires.

There are no restrictions on foreigners buying in Argentina and according to the Global Property Guide (GPG) buying costs are about 7.23%-9.59%.

For further information contact Someplace Else Ireland: 1890-425 425; investments@someplaceelse. ie.